dormakaba (DOKA) H1 2026 earnings summary

Executive summary

• Achieved organic net sales growth of 2.0% and Adjusted EBITDA margin of 15.6%, supported by CHF 185 million in cost savings delivered ahead of plan, despite challenging conditions with trade tariffs and geopolitical tensions.

• Completed six bolt-on acquisitions, including TANlock and Avant-Garde, accelerating portfolio expansion and strengthening offerings in data centers, automation, and North America.

• Strong project wins in airports, healthcare, marine, and data centers, with data center sales showing a 5-year CAGR above 50% and robust contracts in Germany, the U.S., and the Middle East.

• S&P Global Ratings assigned a BBB investment grade rating, reflecting a strong financial position and supporting future financing flexibility.

• U.S. growth plan in execution, focusing on hardware, automatic, and commercial components, with new products and acquisitions supporting expansion.

Financial highlights

• Net sales reached CHF 1,362.7 million, with organic growth of 2.0% driven by strong pricing (+2.6%) despite a -0.6% volume decline.

• Adjusted EBITDA was CHF 211.9 million, margin expanded by 40 bps year-over-year to 15.6%.

• Net profit amounted to CHF 77.4 million, down 20% year-over-year.

• Adjusted operating cash flow margin declined to 4.5% (-290 bps YoY), impacted by changes in assets, liabilities, and higher CAPEX.

• Net debt reduced to CHF 458.1 million; leverage ratio at 1.0x Adjusted EBITDA.

Outlook and guidance

• Full-year 2025/26 guidance reiterated: organic net sales growth of 3-5% (lower end expected), adjusted EBITDA margin above 16%, and adjusted operating cash flow margin of 11.5-12.5%.

• Expects stronger volume growth in the second half, supported by a 6% higher order book and robust project pipeline.

• Transformation cost program to end this year, shifting to ongoing efficiency targets.